WOW Women of Wealth Podcast w/ Tracey Sofra

Have you ever looked at your bank account and wondered..."Where did all the money go?"You're definitely not alone.Even with the best intentions, it's so easy to fall into spending patterns that quietly chip away at your budget and keep you stuck instead of moving toward your financial goals.But here's the thing...I’m not advising you to live like a monk or deprive yourself of everything you enjoy.Rather…I encourage you to align your spending with the life you're actually building, not the fantasy life that social media is trying to sell you.In this practical episode of the Women of Wealth Podcast, I'm sharing the 10 spending traps that I've fallen into myself (and seen countless clients fall into) that quietly sabotage your financial progress.Here's what you'll discover in this episode:Why buying clothes and shoes for your "fantasy life" is one of the biggest money drains (and how to shop for the life you're actually living)The truth about viral fashion trends and why "trending" isn't the same as "timeless"How takeout becomes an expensive default when you're tired, and my simple meal planning strategy to break this habitThe subscription box audit that could free up $30-60 per month for your emergency fund or debt reductionWhy buying storage solutions before decluttering is just organising clutter (and what to do instead)The guilt gift trap that drains your budget and teaches kids the wrong lesson about loveHow sales manipulate you into thinking you're saving money when you're actually just spending on things you don't needWhy productivity tools won't change your life unless you actually use them consistentlyMy framework for spending according to your values so every dollar moves you closer to your goalsEvery dollar you spend is a vote for the future life you're building. The question is…Are your purchases aligned with your values and goals, or are they just noise?When you align your spending with what truly matters to you, staying on track becomes so much easier.Ready to cut the financial noise and focus on what really matters?Click here to listen now>>>Disclaimer: This podcast is intended for educational purposes only and should not be construed as investment advice or a recommendation. Any financial strategies or examples discussed are provided in the context of the theme being explored, and the views expressed are those of the presenter at the time of the recording. Please seek advice from a qualified professional before making any investment decisions.

Remember lay-by?If you're from my generation, you'll remember that when you wanted something you couldn't afford, you paid it off bit by bit... … but you didn't get to take it home until it was fully paid off.These days, we have "buy now, pay later".This gives you instant gratification with the goods in hand immediately.And while it might seem like a harmless middle ground between not having cash and not wanting to use a credit card...The reality is far more concerning than most people realise.Recent research shows that 43% of buy now, pay later users made late payments in the last year alone.Even more alarming…  14% of users are now relying on these loans to pay for groceries and other necessities.In this eye-opening episode of the Women of Wealth Podcast, I'm pulling back the curtain on the buy now, pay later trap that's ensnaring millions of consumers.Here's what you'll discover in this episode:How buy now, pay later companies are partnering with major retailers like Big W, Kmart, and even DoorDash to make debt more accessible than everWhy these "small" loans are actually being treated as personal loans by lenders and how they're destroying people's borrowing capacityThe psychological tricks these companies use to encourage impulse spending and make debt feel "manageable"7 critical things you must know before using buy now, pay later services (including the hidden impact on your credit score)How to break free from the buy now, pay later cycle and create the life you want without accumulating debtMy proven strategies for budgeting, finding discounts, and focusing on quality over quantityThe 3 financial principles that will help you experience more peace and security around your moneyRemember, these services might feel different from traditional debt, but make no mistake.You are borrowing money that you'll have to pay back…… often with serious consequences if you don't.Don't let the convenience fool you into a financial trap that could impact your future borrowing capacity and financial freedom.Ready to learn how to protect yourself and make smarter financial decisions?Click here to listen now>>>Disclaimer: This podcast is intended for educational purposes only and should not be construed as investment advice or a recommendation. Any financial strategies or examples discussed are provided in the context of the theme being explored, and the views expressed are those of the presenter at the time of the recording. Please seek advice from a qualified professional before making any investment decisions.

"I wish I'd started sooner.""It's too late for me to fix my finances."I hear these phrases all the time from women who feel like they're behind or have missed their chance at financial success.But here's what I want you to know...It's never too late, you're not too old, and you are absolutely not behind.Your financial journey starts the moment you decide to take it seriously…… and that moment can be right here, right now.In this deeply personal episode of the Women of Wealth Podcast, I'm sharing the 7 key financial lessons that completely transformed my finances.These are the exact lessons that took me from credit card debt to saving over $100,000 and building long-term wealth.Some were tough to learn, some were surprising…… but all of them are practical enough for anyone to implement.Here's what you'll discover in this episode:Why building systems around your goals is more important than the goals themselves (and how to automate your way to success)How your circle of influence is secretly sabotaging your money mindset (and what to do about it)The sneaky trap of lifestyle inflation that keeps high earners broke (and my simple strategy to avoid it)Why delaying gratification is one of the most underrated wealth-building tools (plus my 48-hour rule that changed everything)The biggest mistake I made with over $50,000 of my savings (and how you can avoid it)How to use credit cards as a powerful financial tool instead of a dangerous crutchWhy financial success isn't about perfection (and what you should focus on instead)Remember, you don't need to master all seven lessons today. Just pick one, build the habit, and keep moving forward.Ready to transform your finances with these seven powerful lessons?Click here to listen now>>>Disclaimer: This podcast is intended for educational purposes only and should not be construed as investment advice or a recommendation. Any financial strategies or examples discussed are provided in the context of the theme being explored, and the views expressed are those of the presenter at the time of the recording. Please seek advice from a qualified professional before making any investment decisions.

What if I told you that a high-earning accounting professional was terrified she'd end up homeless under a bridge in retirement?Sounds impossible at first.But that's exactly where Susan Bell found herself just months ago.Despite earning a top marginal tax bracket income as a partner in a large accounting firm…… Susan was living in complete financial fear.She was making impulsive money decisions, had no real investment plan, and felt completely overwhelmed about her retirement future.But then something changed.In this powerful episode of the Women of Wealth Podcast, I sit down with Susan to hear her incredible transformation story.You'll discover how she went from financial chaos to complete confidence in just a few months through the EMPOWER program.Here's what you'll learn in this episode:Why being a high earner doesn't automatically make you good with money (and why this is actually liberating)The shocking moment Susan realised where her money was really going during a live group callHow fear can actually paralyse you from taking action instead of motivating youThe simple three-word investing philosophy that changed everything for Susan: Simple, Systematic, and SafeWhy understanding your money mindset is just as important as understanding investment strategiesHow financial confidence impacts every other area of your life, not just your bank accountThe real reason why it's never too late to start building wealth, no matter your ageSusan's story proves that no matter where you're starting from…… whether you're 44 like her, or 54, or 64…… you can take control of your finances and create the retirement you deserve.Ready to be inspired and learn exactly how she did it?Click here to listen now>>>Disclaimer: This podcast is intended for educational purposes only and should not be construed as investment advice or a recommendation. Any financial strategies or examples discussed are provided in the context of the theme being explored, and the views expressed are those of the presenter at the time of the recording. Please seek advice from a qualified professional before making any investment decisions.

How have you been feeling lately?Are life's responsibilities burning you out or overwhelming you?We can all feel like that from time to time.And when this happens…It’s helpful to have a total well-being plan in place.Now…That might sound a bit fluffy coming from a financial expert.But I can assure you, a well-being plan is something that each and every woman absolutely needs to look at.That's why in this episode of the Women of Wealth Podcast…I'm sharing seven ways a wellbeing plan can benefit you, plus ideas to implement your own plan.Specifically, you'll discover:How maintaining a positive mindset through journaling can act like a detox for your brainWhy improving your physical health doesn't have to be complicatedThe mental health epidemic we're facing and how to create sustainable work-life boundariesThe surprising benefits of strong relationships and social connectionsWhy having better control over your finances is pivotal to overall well-beingThe truth about establishing a self-care routine that goes beyond bubble baths and face peelsHow achieving quality sleep can transform everything (and the nighttime routine that actually works)Here's what I want you to remember…If you're not well, nothing else matters because everything else falls apart.However…When you take care of yourself first, you can thrive in every other area of your life and give the attention that every other area deserves.Click here to listen now>>>

Have you ever wondered how certain women become so successful?What are their tricks to achieving greatness?The reality is…All successful women have certain habits and characteristics in common.That's why in this episode of the Women of Wealth Podcast…I'm sharing 10 habits of successful women that you can start practicing today.Specifically, you'll discover:Why successful women set concrete goals using the SMART framework (and how to do it yourself)How to believe in yourself when self-confidence doesn't come naturallyThe power of saying no sometimes and why successful women protect their time and energyWhy self-care isn't just a buzzword but essential for peak performanceHow having a backup plan helps you pivot when things don't go according to planThe crucial habit of staying on top of your finances and career to prepare for uncertaintyWhy being comfortable with "failure" is actually about learning and growingWhen to ask for and accept help without feeling guilty about itI want you to know that your past doesn't define you.However…The habits you choose today absolutely can determine your future.Ready to start implementing the habits that will transform your success?Click here to listen now>>>

You know that feeling when you get your paycheck?For a moment, everything feels like it's falling into place. You breathe a little easier. Maybe you treat yourself, pay some bills.And then before you know it, you're left wondering... What the hell happened? Where did it all go?If you’ve ever found yourself in this situation…You're not alone. I've been there too, even as a financial expert.That's why in this episode of the Women of Wealth Podcast, I'm sharing the 7 essential things you should do as soon as you get paid.These are the exact habits I personally follow and teach that have helped me stay consistent with saving, investing and managing bills... … while still enjoying life.Here’s what you’ll discover in this episode:How to pause before you spend anything and put yourself back in the driver's seatWhy you must pay yourself first automatically (and how to treat it like a bill to your future self)Why every paycheck is a chance to move closer to your future goals (even with just $20 a month)The power of doing a mindset check-in every time you get paid, and the questions I ask myselfHow to set financial boundaries before you spend and create a "fun money" allowanceWhat changed the game for me wasn't budgeting harder or cutting out all the fun. Rather…It was being intentional with how I handled my paycheck from the moment it hit my account.Ready to transform your relationship with your paycheck and make your money work for you?Click here to listen now>>>

"I felt like a complete idiot around finances…"Those were the words from Dr. Larissa Rusca when she first joined our WOW Women community.Here's a successful GP who had chaired major boards…… led executive teams…… and managed multi-million dollar budgets for organisations…Yet when it came to her own money? She felt completely lost.That's why I invited Larissa to share her incredible transformation story on the latest episode of the Women of Wealth Podcast.After a devastating separation at 57, Larissa was staring down retirement with no plan, no clarity, and lawyers breathing down her neck, demanding she sign financial agreements she didn't understand.But in just 12 months after joining our Empower program…Everything changed.In this episode of the Women of Wealth podcast, you'll discover:How Larissa went from zero financial knowledge to confidently negotiating her own home purchaseThe exact cash flow exercise that helped her understand her true income for the first timeWhy she successfully moved $2.7 million in life insurance to better terms (and how you can ask the right questions too)How the program helped her secure $330,000 in annual NDIS funding for her disabled sonThe money mindset breakthrough that changed everything (hint: it started with examining her parents' relationship with money)Why her 26-year-old daughter joined the program after watching her mum's transformationLarissa’s story is proof that no matter where you're starting from…… whether you're facing divorce, starting with zero, or feeling completely overwhelmed…It's never too late to take control.Click here to listen now>>>

"Money doesn't grow on trees.""We can't afford that.""Rich people are greedy."These aren't just throwaway comments from your childhood…They're the invisible scripts that have been running your financial decisions for decades.And until you identify them…… they'll keep sabotaging every goal you set.In my latest Women of Wealth podcast episode, I dive deep into the money mindset work that changes everything.Because here's what I've learned after 30+ years of helping women build wealth...You can have the perfect budget, the smartest investment strategy, and the clearest financial plan.But if your subconscious mind believes you don't deserve wealth…You'll find a way to sabotage it every time.That's why I'm sharing six powerful money mindset exercises that rewire how you think about money.You'll discover:The unedited writing exercise that reveals your deepest money beliefHow to practice self-compassion when you make financial mistakes (we all do)The gratitude practice that shifts you from scarcity to abundance thinkingWhy tracking your money daily changes more than just your bank balanceHow to dream without limits and turn impossible goals into realityThe simple way to show up for your future self every single dayYour money story doesn't have to be your money destiny.But changing it requires looking at where it all began.Ready to rewrite your financial future?Click here to listen now>>>

June 30th just passed.New financial year. Fresh start.But here's what usually happens next...You set ambitious money goals. Get excited for about two weeks…Then life gets busy and those goals quietly fade away.If that sounds familiar… Know that there's a better way.In my latest Women of Wealth podcast episode, I share the 100-day challenge that can completely transform your financial habits.Why 100 days?It's long enough to see real results. Short enough to stay motivated.And some of these challenges will blow your mind with what's possible.Like the envelope challenge that puts $5,050 in your pocket by day 100.Or the simple $10-a-day habit that builds your emergency fund without breaking a sweat.You'll discover:The cash-only challenge that makes you physically feel every dollar you spendHow saving just $1 a day builds the saving muscle that changes everythingThe side hustle strategy that turns 30 minutes daily into serious incomeWhy making coffee at home for 100 days does more than save moneyThe weekly budget ritual that puts you in complete control of your financesThese aren't overwhelming year-long resolutions that fizzle out by February.They're focused, achievable challenges with a clear finish line.Perfect for building momentum as we head into the new financial year.The question is: Which 100-day challenge will you choose?Click here to listen now>>>

June 30th is racing towards us.And if you're like most women I speak with, you're probably thinking about your tax return in the most basic way possible.Get your paperwork together. Lodge it. Hope for a refund.But what if I told you that simple approach could be costing you thousands of dollars every single year?In my latest Women of Wealth podcast episode, I break down the tax strategies that most people completely miss.Like the vehicle expense method that could turn your work travel into serious tax savings.Or the home office deduction that's worth 70 cents per hour if you've been working from home.And here's the big one...The superannuation strategy that could save you thousands in tax while building your retirement wealth at the same time.You'll also discover:The two vehicle expense methods and when to use each oneWhy your work clothes probably aren't tax deductible (and what actually is)The prepayment strategy that lets you claim 24 months of expenses in one tax yearHow to turn a $1,000 super contribution into $1,500 with government co-contributionsThe catch-up super strategy that could save you massive tax if you've had a big income yearNow…These are legitimate strategies that the ATO expects you to use.The problem is, most people simply don't know about them.With just weeks left before June 30th, now's the time to get smart about your tax position.Click here to listen now>>>

At 40, Bethany was a single mum of three with just $2,500 in superannuation.No savings. No safety net. And facing the terrifying reality that she'd retire with only $220,000 to her name.But then something extraordinary happened...In less than two years, Bethany completely transformed her financial future.And now…She’s projecting to retire with just under $1 million instead.How?She started with just $25 a week.That's it.No massive lump sums. No complex strategies. No "get rich quick" schemes.In my new Women of Wealth podcast episode, Bethany shares her raw, honest journey of going from financial fear to financial freedom.You'll discover:How she went from living week-to-week to taking her kids on holidays (including their first overseas trip)The "pay yourself first" strategy that changed everythingWhy starting small was the key to her successHow she overcame the fear that "investing isn't for people like me"The simple account structure that put her finances on autopilotBethany’s story is proof that no matter where you are right now…… and whether you're 40, 50, or beyond…It's never too late to secure your financial future.Click here to listen now>>>

Someone asked me this question years ago, and it stopped me dead in my tracks:"What do you want?"It sounds like a simple question to answer on the surface.But I realised I had no idea how to answer it.I was so busy doing what I "had to do"... Taking care of everyone else... Going through the motions of daily life...… that I'd never actually stopped to ask myself what I truly wanted.Maybe you can relate?Here's the thing: How can you achieve your life's goals if you don't even know what they are?In my latest episode of the Women of Wealth podcast, I'm sharing my 6-step process for cutting through the noise and getting crystal clear on what you actually want, including:Why creating "white space" in your life is the first step to clarityThe power of pen-to-paper journaling (it's like detoxing your brain)How decluttering your physical space clears your mindWhy healthy habits make finding clarity so much easierThe breathing technique that completely changed my lifeHow to stop waiting for the "perfect moment" to startWhen you get clear on what you want, you create a vision that your subconscious mind works toward.I am exactly where I am today because I pictured all of these things first.Click here to listen now>>>

Have you ever wondered what happens to your money when you're gone?Most people think it's simple…Everything just goes directly to their loved ones, right?But here's what most people don't realise...Without proper planning, your hard-earned wealth could end up in the hands of creditors… … get blown by financially irresponsible family members…… or disappear in unnecessary taxes.There's a little-known estate planning tool that can prevent all of this from happening.It's called a testamentary trust.In my latest episode of the Women of Wealth podcast, I'm breaking down exactly how this works (and why hardly anyone knows about it), including:How one family legally saved $23,500 in tax every single yearWhy leaving money directly to your kids could be the worst mistake you makeThe real-life case I'm working on right now with three young girls whose mother protected their inheritanceHow to shield your legacy from creditors and bankruptcyWhy minors get special tax treatment that could save your family thousandsAnd here's the thing...I've been advising for over three decades.During that time…I’ve found that most people have never even heard of testamentary trusts.Yet? They're one of the most powerful tools for protecting your wealth and your family's future.Click here to listen now>>>

"We're moving in together... should we open a joint bank account?"Raise your hand if you’ve asked yourself this question before moving in with your partner.Saying “yes” feels like the natural next step.After all, it’s a symbol of unity. Of commitment.Something that says:“We’re in this together.”But before you march into the bank hand-in-hand, there's something you need to know...This decision could either strengthen your relationship or completely derail your financial future.In my latest episode of the Women of Wealth podcast, I'm sharing the honest truth about joint bank accounts that most people never consider, including:Why I've never had a joint bank account with my husband (and what we do instead)The hidden way your partner's debt could destroy YOUR credit ratingHow joint accounts can actually make you feel less independentThe money conversations that will make or break your relationshipA smarter approach to combining finances without the daily scrutinyBecause here's what I've learned after three decades of working with women...Money problems are one of the biggest causes of divorce.And how you handle this decision early on sets the tone for your entire financial future together.Click here to listen now>>>

I was having coffee with a client last week when her phone started buzzing with news alerts about the market dropping 15%.I watched the colour drain from her face as she said:"Maybe I should just sell everything and go to cash until this all blows over."Have you ever had that thought?Here's what I told her (and what I'm telling you right now):This is exactly when most people make the biggest financial mistake of their lives.Because when you sell during a downturn, you lock in those losses forever. You'll never get that money back.But here's the thing most people don't realise...The Australian share market has averaged a 13% return over the last 134 years.Through world wars, depressions, the GFC, pandemics, and every crisis you can imagine.In my latest episode of the Women of Wealth podcast, I'm sharing exactly what to do when the markets get rocky (and what NOT to do).Including:The two critical questions to ask yourself before making any movesWhy now might actually be the perfect time to invest MOREThe Commonwealth Bank story that proves why staying the course worksHow to ignore the noise and stick to what actually builds wealthBecause remember...No one can time the market. What you can control is your time in the market.Click here to listen now>>>

Last week, a woman came to me after losing $65,000 on an "amazing investment opportunity" she found on Facebook.Another told me she's kept her money in a savings account for 15 years because she's "afraid of the stock market."And just yesterday…Someone confessed she ignores her superannuation statements because "it's all too complicated."What do all these stories have in common?These smart, capable women were all victims of the same devastating problem:Financial misinformation.In my latest Women of Wealth podcast episode, I say the 3 words you desperately need to hear:Not. Your. Fault.This is perhaps my most important episode yet, as I pull back the curtain on:Why the education system has failed to teach essential money skillsThe dangerous myths about property investing that could cost you everythingWhy the share market isn't nearly as risky as you've been told (but cash might be!)How to tell if someone is giving you genuine advice or just trying to sell you somethingWhy freezing and doing nothing might be the costliest mistake of allI don't hold back in this episode.In fact…I name the culprits behind the misinformation and explain how to protect yourself from the financial "gurus" who are more interested in your wallet than your wealth.Click here to listen now>>>

"I don't care."As a young girl, those three words would ignite my father's passion like nothing else."You MUST care," he would tell me. "There's no such thing as not caring about the people and world around you."This simple lesson from my childhood has shaped every aspect of my life and business.And in my latest Women of Wealth podcast episode…I share why it might be the missing piece in your financial journey, too.This episode is different from my usual financial strategies and tips.Instead, I invite you to:Discover how "if enough people care, great things will happen" can transform your approach to wealthLearn why comparison (especially on social media) is sabotaging your financial confidenceExperience a guided visualization to reconnect with the dreams you've pushed asideUnderstand how bringing your heart and mind together creates unstoppable momentumI recorded this episode in a more intimate, meditative style…… perfect for a quiet moment alone or during a long drive when you need some inspiration.This is the philosophy that helped me build my business and wealth over three decades. And I'm sharing it with you now because I believe it could be the breakthrough you've been searching for.Click here to listen now>>>

Last week, I was speaking with a couple who'd been together for 8 years...Yet? They'd never had a single honest conversation about money.He didn't know about her credit card debt.She didn't know about his investment losses.And neither knew how to start the conversation without it ending in an argument.This is why, in my latest Women of Wealth podcast episode…I tackle a topic that makes most couples squirm:Financial intimacy.Because, while physical and emotional intimacy get all the attention…Financial intimacy might be what actually determines if your relationship will last.In this episode, I break down exactly how to create financial harmony at EVERY stage of your relationship:Dating: The subtle questions to ask before things get seriousMoving in together: How to split expenses without resentmentBuying a home: Joint ownership vs. tenants in common (and why it matters!)Marriage: When to consider a prenup (without killing the romance)Plus, the one conversation you must have before combining finances (skip this and you're asking for trouble).Click here to listen now>>>

I was driving to work yesterday when it hit me...Despite decades of helping women build wealth and financial confidence, I've noticed a troubling pattern:The most successful women often put themselves LAST on their own priority list.Sound like anyone you know?If it does, pay attention…In my latest Women of Wealth podcast episode, I tackle this head-on with a question that might make you uncomfortable:Are you taking care of yourself?Because here's the truth:Investing in yourself isn't selfish. It's essential.In this episode, I share 9 practical ways to invest in yourself that will transform both your financial future AND your quality of life today, including:A simple way to manage your money without the dreaded "B-word" (budget)Why knowledge truly is power (and how to gain more of it)The investment strategy I personally use (that has nothing to do with stocks)Why spending time in nature might be more valuable than time in meetingsAnd much more...If you've been putting yourself last while trying to build wealth, this episode is your wake-up call.Click here to listen now>>>